You deposit $5000 every year into a fund earning interest at j₂ = 7%, starting on your 30^th birthday with your final deposit made on your 65^th birthday.

a) How much have you accumulated on your 65^th birthday?

b) If you use this fund to purchase an annuity to generate monthly retirement income for 30 years, starting from the end of the first month after your 65^th birthday, what monthly income will be if the interest rate is j₁₂ = 6%?